Source: Electronic Specialist
Electronic Specialist, LLC (ESP) today announced the integration of its Global DMA and Electronic Algorithm Routing Network (EARN) with Instinet Crossing.
With the combination, ESP clients, which include hedge funds, state pensions, mutual funds, investment managers and broker/dealers, can access the Instinet Crossing platform through any of ESP's 23 integrated trading applications.
"The addition of Instinet's advanced securities crossing services to our DMA Network provides an extremely valuable source of block liquidity for our institutional clients, particularly those interested in pre- and post-market liquidity." said Scott Kurland, Senior Managing Director of Electronic Specialist.
The Instinet Block Trading Services now offered through ESP include a pre-market VWAP Cross, matching buyers and sellers at that day's volume weighted average price; LDX, Instinet's last daily cross which matches orders at the known closing price at the end of the trading day; and the three times daily IDX, Instinet's intra-day cross designed to eliminate market impact that occurs in auction markets and consequently reduces transaction costs.
ESP's EARN Portal currently offers clients anonymous, centralized access to more than 75 algorithmic strategies and crossing networks from many of the leading providers on the street, including such strategies as VWAP, TWAP, Volume Participation, Inline Tactics and Implementation Shortfall.
One of the major benefits that ESP provides is centralized clearing, settlement and delivery across all market destinations and algorithms, so clients get the added benefit of having their Instinet trade executions aggregated along with all other DMA and algorithmic executions and delivered as a single or allocated block trade.